Explore the advantages of establishing a business in Panama, a jurisdiction known for its economic and political stability, confidentiality, and favorable tax environment.
Panama is definitely a recommendable jurisdiction for business as it has everything that an entrepreneur can dream about: it is economically and politically stable, and it offers enough confidentiality for business owners, wide opportunities for different undertakings, reliable asset protection, and low taxes. This is a country with excellent banking, and you will easily access all the world markets from here. However, we propose that you diversify all possible risks and open a corporate account for your company in Belize. In this post, we will take a close look at this powerful combo.
If you need more details on the country and all the opportunities it offers, welcome to our portal where you can read an article on Panama company formation and find more links to articles on Panama. We also write about international business, banking, and investments, asset protection, citizenship by investment, and more – so you are welcome to discover different sections of our portal! Do not hesitate to book a free session with our consultant to discuss your situation and find the best available option. We will help you set up a company or an account abroad at a reasonable fee by taking care of all administrative issues. Click on the link to talk to our expert!
Establishing a Company in Panama: Benefits
What are the main advantages of opting for Panama rather than any other destination? Let’s take a look at the brief facts that justify the choice:
- Advantageous geographical location at the crossroads of South America, Asia, and North America.
- The Panama Canal that will help you considerably reduce the logistics costs.
- It is always good to set up a company in a country with a robust economy, and Panama has the highest per capita income among Central American countries.
- You will really appreciate Panama’s pro-business legal framework that has strict requirements to the privacy and confidential treatment of trade secrets that belong to foreign companies.
- The country is a good jurisdiction for those seeking asset diversification opportunities.
- The tax burden is not very high, and tax incentives are offered to startups and foreign investors.
- Territorial taxation principle means that you will not have to pay any taxes in Panama if you derive 100% of your income outside the country.
- You will encounter no currency restrictions.
Sounds promising? Get in touch with us if you have any questions!
Starting a Company in Panama: Legal Issues
The most popular legal forms are the Limited Liability Company and International Business Corporation which are usually established for the following purposes:
- Opening an offshore bank account/investment account
- Carrying out trade/commercial activities
- Establishing relations between the company and trusts/foundations
- Registration of intellectual property/legal estate as the company’s assets
Let’s look at the main aspects of company formation in Panama:
- No authorized capital is required.
- You will need to appoint three directors, a treasurer, and a secretary before the company setup. These can be citizens of any country.
- The company’s beneficial owner is not required to be a company director, and you can use a nominee service.
- The Panama company’s shareholders and beneficiaries can remain anonymous to the public as they are not obliged to be registered in the Public Registry of Panama.
- A Panama company is represented by an agent, who can be a local lawyer or a law firm that are residents of Panama. The agent’s responsibilities include company servicing and timely annual tax payments (to avoid fines that are charged otherwise). The agent is not liable for the actions of the company’s directors and staff.
Setting Up an Account in Belize
Here are the reasons why we propose to combine setting up a Panamanian company with a bank account in Belize:
- This offshore jurisdiction offers excellent asset protection opportunities
- If you seek tax optimization possibilities, this is a destination for you
- You can open a multicurrency account
- International financial transactions are conducted really fast
Belize has a peculiar asset protection system, and you may be sure that no creditor will get to your money. Please get in touch with our experts to discover the details.
Company and Account Setup Procedure
You will need to take the following steps while enjoying the full support of our experts to get a fully operational powerful duo:
- Please get in touch with us to discuss all the peculiarities of your situation. We may need to modify something in your case.
- Pay the fee for our services using a convenient method (from bank transfer/PayPal to Bitcoin).
- Prepare the package of documents in accordance with our recommendations.
Here are the documents required from individuals to establish a company in Panama:
- A filled-out application form that contains the company name, business description, and information on founding directors/shareholders (country of residence, address, citizenship, profession).
- An international passport (notarized copy) or another ID (pages with photo and signature) with an apostille stamp.
- Proof of residential address. You can provide a copy of the bank/credit card statement or a notarized utility bill. These documents should not be older than 2 months and are required to contain a place of residence.
- Two reference letters (notarized and translated into English if necessary) – from a specialist (accountant or notary public) and from a bank where a valid account is available.
As soon as we are through with company incorporation, we will send the original set of documents to the owner by express mail.
The original notarized documents for your Panama company are then sent to the Belize bank to open an account – along with the personal documents of all company beneficiaries and directors who have the right of signature.
If you are the only individual who puts a signature on the application form completed to set up a Belize account and the only beneficial owner of the Panama company, we will need only one set of documents.
Ready to start setting up a powerful duo for your international business operations? Please get in touch with us first to discuss this opportunity. want to make sure you get the best solution – not just the one that is available in the market!